(Telestock) – Oil prices plummet on the international financial markets, as a consequence of hopes for a truce in the Middle Eastafter Israel accepted the already faltering US peace proposal.
“Israel has accepted US proposal for ceasefire”announced the US Secretary of State last night Antony Blinkenafter the pressure exerted on the Prime Minister Benjamin Netanyahu to unblock the stalemate in negotiations and free the hostages. “No to an escalation of the crisis,” Blinken said again in a press conference from Tel Aviv, recalling that “without an agreement the hostages could die.”
If the pressure has had a positive result in Israel, it appears more difficult the purpose of convince Hamaswhich warns “without a total ceasefire, we will not accept any agreement”. “Blinken’s statements are contrary to the truth. Hamas accepted the deal, but Israeli Prime Minister Benjamin Netanyahu rejected it,” Hamas spokesman Taher al-Nono said in response to Blinken’s request to accept this latest truce proposal.
The situation is fluid, but the markets already seem to believe in this truceso the Oil slipped as much as 3% starting yesterday evening and confirmed its decline this morning. At the Nymex in New York, the US crude oil futures fell by 0.76% to $73.09 a barrel, while the Brent drops 0.75% to 77.07 USD/b.
The weakness of the Chinese economy also weighs on crude oil.particularly in the real estate sector, which forced the central bank to cut rates early in July. A accommodating line that the PBC confirmed at the end of today’s meeting, even if the market was hoping for a new surprise intervention on rates.